A unit of Intercontinental Exchange Inc (ICE.N) developed the index and the notes are also being listed on its NYSE Arca exchange. They did not immediately respond for comment. The note’s issuer, Bank of Montreal (BMO.TO), also did not respond to a request for comment.

ETNs, like debt, constitute a pledge by an issuer. Payouts are based on the performance of the underlying index, but the notes do not actually own those stocks, unlike most of the ETFs to which they are often compared. The stocks are equally weighted regardless of market capitalization.